Best Buy (NYSE:BBY) Shares Up 2.8% – Time to Buy?

Best Buy Co., Inc. (NYSE:BBY)’s share price traded up 2.8% during mid-day trading on Friday . The stock traded as high as $91.02 and last traded at $90.68. 653,268 shares changed hands during trading, a decline of 79% from the average session volume of 3,054,876 shares. The stock had previously closed at $88.17.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BBY. StockNews.com downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Wells Fargo & Company cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Wednesday. Wedbush upped their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Finally, UBS Group lowered their price objective on Best Buy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Best Buy Price Performance

The company has a market cap of $19.33 billion, a P/E ratio of 15.38, a P/E/G ratio of 2.34 and a beta of 1.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.00. The stock has a 50-day simple moving average of $93.81 and a 200 day simple moving average of $89.27.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period last year, the business earned $1.22 earnings per share. Best Buy’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities analysts expect that Best Buy Co., Inc. will post 6.19 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.18%. Best Buy’s dividend payout ratio (DPR) is currently 64.27%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BBY. Franklin Resources Inc. grew its stake in shares of Best Buy by 36.5% in the 3rd quarter. Franklin Resources Inc. now owns 753,471 shares of the technology retailer’s stock valued at $73,016,000 after purchasing an additional 201,562 shares during the period. Tidal Investments LLC grew its position in Best Buy by 24.5% in the third quarter. Tidal Investments LLC now owns 22,210 shares of the technology retailer’s stock valued at $2,294,000 after acquiring an additional 4,370 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Best Buy during the third quarter worth $247,000. World Investment Advisors LLC bought a new position in shares of Best Buy during the third quarter valued at $5,234,000. Finally, TCW Group Inc. boosted its stake in shares of Best Buy by 156.6% in the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock valued at $32,704,000 after purchasing an additional 193,209 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.